According to the latest report by IMARC Group, titled, “Microgrid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026“, provide the global microgrid market size reached US$ 24.2 Billion in 2020. Looking forward, the market expects to exhibit strong growth during the next five years.
Base Year: 2020
Forecast Year: 2021-2026
Industry Definition and Application:
A microgrid refers to a modern electric system which can operate autonomously or in parallel with the main power grid. It can be powered by distributed generators, batteries, or renewable resources such as solar power, small hydro, geothermal, waste-to-energy, and combined heat and power (CHP) systems. A microgrid provides backup for the grid in case of emergencies such as main grid failure or a natural calamity. It can also be used to cut costs or connect to a local resource that is too small or unreliable for traditional grid use.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends and Drivers:
Microgrids offer several economic and technological benefits such as providing substantial savings, reducing carbon emissions and ensuring the availability of reliable, stable and affordable power supply to regions and communities that are located at distant places or in rural areas. Apart from this, as microgrids can work under ‘island mode,’ their network becomes secure and free from all external power and data transmissions. Owing to this, the demand for microgrids is rapidly increasing in the defense and military sectors. Moreover, the governments of the US, UK, Italy, Poland, Sweden, Belgium and Chile have incorporated ‘Renewable Portfolio Standards’ as a regulatory mandate for generating a minimum percentage of the total electricity from renewable sources. As microgrids help in harnessing renewable energy, their deployment is expected to increase in these countries.
Browse full report with TOC: https://www.imarcgroup.com/microgrid-market
Microgrid Market Segmentation:
The report has segmented on the basis of energy source, application and geography
By Energy Source
1. Natural Gas
2. Combined Heat and Power
3. Solar Photovoltaic (PV)
5. Fuel Cell
1. Remote Systems
2. Institution and Campus
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
Who are the Major Microgrid Market Key players?
The report provides a detailed analysis of the market leaders, including.
- Lockheed Martin Corporation,
- Eaton Corporation PLC,
- ABB Ltd,
- Siemens AG
- General Electric.
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